The reversal of April’s 1.25% increase in National Insurance rates for employees and employers took effect from Sunday 6 November.

Prime Minister Liz Truss has made a U-turn on a controversial decision to cut Corporation Tax following her appointment today of Jeremy Hunt as the new Chancellor to replace sacked Kwasi Kwarteng.

Chancellor Kwasi Kwarteng has quit his job after 38 days in charge of the nation’s finances after being asked to "stand aside" by Prime Minister Liz Truss.

Chancellor Kwasi Kwarteng has today abandoned his plan to abolish the 45% top rate of income tax on earnings over £150,000.